NY S07133

Extends the maximum initial lease term for lands at SUNY Purchase from 40 years to 75 years, allowing the Purchase College Advancement Corporation to lease university property without public bidding.

Removes the alternative provision that previously allowed leases for "such time as may be necessary to complete repayment of any debt" whichever was shorter.

Changes lease approval language from "or" to "with" to clarify that contracts must be entered into with the Purchase College Advancement Corporation and approved by the Attorney General, Director of the Budget, and State Comptroller.

Maintains existing reversion clause requiring the leased property and improvements to revert to SUNY upon lease expiration or if the property ceases to be used for purposes described in the act.

Allocates lease proceeds with 75 percent directed to student financial aid (tuition assistance awards) and 25 percent to support additional full-time faculty positions.